BEIJING — China will cut the retail prices of gasoline and diesel starting from Nov 3, the largest drop since December 2014, the country’s top economic planner said on Nov 2.

Based on changes in international oil prices, the retail prices of gasoline and diesel will be cut by 375 yuan (about $54) and 365 yuan per ton, respectively, according to the National Development and Reform Commission (NDRC).

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

International oil prices have fallen due to the US oil stockpile rise, expectations of falling demand and increasing supplies by oil producing countries, according to the NDRC price monitoring center.

It predicts that global oil prices will continue to be volatile in the short term.

The NDRC has asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure a stable supply and implement the pricing policy.

The economic planner said it would closely monitor the effects of the current pricing mechanism and make improvements in response to global fluctuations.